Pinnacle Associates Ltd. Has $51.87 Million Stock Position in Alphabet Inc. (NASDAQ:GOOGL)

Pinnacle Associates Ltd. raised its holdings in shares of Alphabet Inc. (NASDAQ:GOOGLFree Report) by 0.6% in the fourth quarter, Holdings Channel reports. The institutional investor owned 371,350 shares of the information services provider’s stock after buying an additional 2,216 shares during the quarter. Alphabet accounts for about 0.9% of Pinnacle Associates Ltd.’s portfolio, making the stock its 19th biggest holding. Pinnacle Associates Ltd.’s holdings in Alphabet were worth $51,874,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. DC Investments Management LLC bought a new stake in Alphabet in the 1st quarter valued at $114,000. Bridgefront Capital LLC acquired a new position in shares of Alphabet during the first quarter valued at about $225,000. Worth Asset Management LLC acquired a new position in shares of Alphabet during the first quarter valued at about $206,000. Eudaimonia Advisors LLC grew its position in Alphabet by 15.1% during the first quarter. Eudaimonia Advisors LLC now owns 99 shares of the information services provider’s stock worth $275,000 after buying an additional 13 shares in the last quarter. Finally, Aspire Capital Advisors LLC bought a new position in Alphabet during the first quarter valued at about $281,000. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Alphabet

In other news, Director John L. Hennessy sold 200 shares of Alphabet stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $143.49, for a total transaction of $28,698.00. Following the transaction, the director now owns 6,784 shares in the company, valued at approximately $973,436.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director John L. Hennessy sold 200 shares of the company’s stock in a transaction dated Wednesday, January 10th. The stock was sold at an average price of $143.49, for a total transaction of $28,698.00. Following the completion of the transaction, the director now directly owns 6,784 shares of the company’s stock, valued at $973,436.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sundar Pichai sold 22,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $132.70, for a total transaction of $2,985,750.00. Following the transaction, the chief executive officer now directly owns 2,332,691 shares of the company’s stock, valued at $309,548,095.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 228,239 shares of company stock valued at $32,432,382. Corporate insiders own 0.88% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. Redburn Atlantic lifted their price objective on Alphabet from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Wednesday, January 31st. Susquehanna increased their price objective on shares of Alphabet from $150.00 to $170.00 and gave the company a “positive” rating in a research note on Wednesday, January 31st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $155.00 price objective on shares of Alphabet in a report on Wednesday, January 31st. Wedbush increased their price target on shares of Alphabet from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Friday, March 22nd. Finally, StockNews.com raised Alphabet from a “buy” rating to a “strong-buy” rating in a report on Wednesday, December 20th. Five equities research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $155.48.

Get Our Latest Analysis on Alphabet

Alphabet Stock Performance

Alphabet stock opened at $154.56 on Wednesday. The company has a market cap of $1.92 trillion, a PE ratio of 26.65, a PEG ratio of 1.39 and a beta of 1.05. The company has a current ratio of 2.10, a quick ratio of 2.10 and a debt-to-equity ratio of 0.05. Alphabet Inc. has a 1 year low of $101.93 and a 1 year high of $155.74. The company’s 50-day moving average is $143.95 and its two-hundred day moving average is $138.46.

Alphabet (NASDAQ:GOOGLGet Free Report) last posted its quarterly earnings results on Tuesday, January 30th. The information services provider reported $1.64 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.04. Alphabet had a return on equity of 27.22% and a net margin of 24.01%. The company had revenue of $86.31 billion for the quarter, compared to the consensus estimate of $70.77 billion. During the same quarter in the prior year, the business posted $1.05 EPS. Equities analysts anticipate that Alphabet Inc. will post 6.77 earnings per share for the current year.

Alphabet Profile

(Free Report)

Alphabet Inc offers various products and platforms in the United States, Europe, the Middle East, Africa, the Asia-Pacific, Canada, and Latin America. It operates through Google Services, Google Cloud, and Other Bets segments. The Google Services segment provides products and services, including ads, Android, Chrome, devices, Gmail, Google Drive, Google Maps, Google Photos, Google Play, Search, and YouTube.

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Institutional Ownership by Quarter for Alphabet (NASDAQ:GOOGL)

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